Rebman Properties Brokers 23.444-SF Industrial Lease in Orlando, FL

   

WINTER PARK, FL (Dec. 15, 2010) - Central Supply Company sub-leased 23,444 square feet of office/warehouse space at 515 Ferguson Street, Orlando, Florida.

 Gemini Management, Inc. was the Sub-lessor on this transaction.

Lyle Nelsen (top right photo) of Rebman Properties, Inc. represented the Sub-lessor.

Contacts:

Lyle N. Nelsen, 407.875.8001, lyle@rebmanproperties.com or

Lynn G. Bailey, Office Manager, Rebman Properties Inc., 1014 W. Fairbanks Avenue, Winter Park, FL 32789 USA, Tel: 407.875.8001; Fax: 407.875.8004
 lynn@rebmanproperties.com

http://www.rebmanproperties.com/

HFF closes $31 million sale of a portion of a 350,000-square-foot retail community center in Daytona Beach, FL

   

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of a portion of Volusia Square (top left photo), a 349,544-square-foot retail community center in Daytona Beach, Florida.

The HFF investment sales team was led by managing director Brad Peterson (top right photo) who represented the seller, Retail Planning Corporation of Atlanta.

 Cole Real Estate Investments purchased the property for $31 million free and clear of debt.  This is HFF’s fourth sale of a property to Cole in 2010.

Volusia Square is shadow-anchored by Home Depot, Toys R’ Us and Babies R’ Us.  Anchor tenants at the 203,909-square-foot portion of the shopping center that was sold include Hobby Lobby, HH Gregg and TJ Maxx. 

The portion of Volusia Square that was sold totals 22.4 acres and is located at 2455 West International Speedway Boulevard (US Route 92) close to Interstate 95, the Daytona International Speedway and the Daytona International Airport (middle left photo).  Renovated in 2010, the property was 97.6% leased at the time of sale.

“Volusia Square has a dominant regional location that attracts shoppers from a 30-mile radius and services the communities of Ormond Beach and Palm Coast to the north, Port Orange and New Smyrna Beach to the south and Deland to the west," stated Peterson.

"As a result, the International Speedway Boulevard retail submarket is a ‘must-have’ location for top-tier national retailers, which is evidenced by the high occupancy in the area and the recent tenancy by strong national tenants such as Hobby Lobby and Dicks Sporting Goods,”

“The interest level in Volusia Square was very strong.  More than 100 investors evaluated the offering and approximately a dozen offers were submitted. 

"This high level of interest is part of a growing trend of investors seeking high-quality, anchored retail without a grocery-anchor in order to get a little more investment yield,” Peterson added.

This is the third, non-grocery anchored community center that HFF has sold in Florida over the past 120 days.  HFF sold Riverplace Shopping Center (lower right photo), a 258,359-square-foot center anchored by Stein Mart, Sears, TJ Maxx, Staples, Books A Million, Michaels and Petco in the Mandarin area of Jacksonville in late August. 

Also, HFF sold Pablo Plaza, a 151,660-square-foot community center anchored by HomeGoods, Marshalls, and Office Depot in Jacksonville Beach in September.

Retail Planning Corporation was established in March of 1989 with the contribution of two grocery-anchored centers owned by its principal. 

 The “hands on” business philosophy, the experienced executive and management personnel, and a recognized reputation for excellence has propelled Retail Planning Corporation to the forefront of the retail leasing, management and development industry in and around the southeast. 

 Presently, Retail Planning Corporation manages over 50 shopping centers totaling over five million square feet.

Founded in 1979, Cole Real Estate Investments is one of the most active investors and owners of core real estate assets, managing one of the country’s largest portfolios of retail properties.

Today, Cole owns or manages 37 million square feet of commercial real estate in 46 states with a combined acquisition cost of approximately $7 billion.

Contacts: 

Brad Peterson, HFF Managing Director, (407) 286 5224, bpeterson@hfflp.com

Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Cambridge Realty Capital Provides $15.3 Million HUD Loan to Finance Construction of Ottawa, IL Skilled Nursing Facility

CHICAGO, IL--Cambridge Realty Capital Companies reports closing on a $15.3 million loan to provide new construction and permanent financing for Ottawa Pavilion (top left photo), a 129-bed skilled care nursing home in Ottawa, Ill.

Cambridge Chairman Jeffrey A. Davis (lower right photo) said the 40-year term loan was arranged for the owner, an Illinois limited liability company, by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that underwrites FHA-insured HUD loans.

The fully-amortized loan was processed using HUD’s Section 232 funding program. The interest rate was not disclosed.

  

Contact:

Evan Washington

Phone: (312) 521-7604

Fax: (312) 357-1611

E-Mail:  ew@cambridgecap.com

Marcus & Millichap Relocates New Mexico Office

 ALBUQUERQUE, NM – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has moved its Santa Fe office to Albuquerque, according to Gary R. Lucas (top right photo), senior vice president and managing director of the office.

The new address is 4801 Lang Ave., Suite 110, Albuquerque, NM 87109. The phone number is (505) 286-2060. The fax number is (505) 286-5995.

“Our Santa Fe office moved to meet the demands of investors seeking commercial real estate in New Mexico and other parts of the West and Southwest,” explains Lucas.

For information about the firm’s services or to inquire about career opportunities, contact Gary Lucas at (415) 398-2373, or at gary.lucas@marcusmillichap.com.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

HEI Hotels & Resorts Sells Le Méridien San Francisco to Chesapeake Lodging Trust

  

SAN FRANCISCO, CA,  Dec. 15, 2010—HEI Hotels & Resorts (HEI), the nation’s fastest growing private owner/operator of hotel real estate, today announced the sale of the 360-room Le Méridien San Francisco (top left photo) for an undisclosed amount to Chesapeake Lodging Trust.

 HEI will continue to operate the hotel on behalf of Chesapeake under the terms of the transaction. 

“The sale of this asset from our second Fund, formed in 2004, marks our fourth hotel sale of the year,” said Steve Mendell, (top right photo) president—acquisitions and development.

 “Le Méridien San Francisco is a highly regarded hotel in one of the nation’s leading markets. We foresee no staff changes at Le Méridien San Francisco and look forward to continuing our management of this stellar property. We also are well positioned to continue purchasing hotels in our latest fund.”

 “HEI prides itself on aligning with top-tier hoteliers and real estate owners,” said Anthony Rutledge (middle left photo), HEI’s chief financial officer.

 “This is our first partnership with Chesapeake, and we look forward to expanding our relationship as we move forward.  With our operating expertise, we are confident that HEI is the best qualified to maximize this property’s full potential in the months and years to come.”

Located at 333 Battery Park, Le Méridien San Francisco is situated in the city’s financial district, near the Federal Reserve Building and convenient to Chinatown and Fisherman’s Wharf. 

The spacious guest rooms offer sweeping views of the bay and city, 300-count Frette sheets and down duvets, high-speed wireless Internet access, contemporary décor, and high end Nakamichi stereo/CD players.

 The hotel features: market-fresh cuisine at Park Grill and Bar 333 & Bistro, more than 13,000 square feet of flexible meeting space, fitness center with cardiovascular and strength-training equipment, and is completely smoke-free.

HEI Hotels & Resorts, headquartered in Norwalk, Conn., is a leading hospitality firm that acquires, develops, owns and operates full-service, upper upscale and luxury hotels and resorts throughout the United States under such well-known brand names as Marriott, Renaissance, W, Westin, Le Meridien, Sheraton, Embassy Suites, and Hilton.

 For more information about HEI, visit the company’s website, http://www.heihotels.com/

Media Contact:

Stephen Chan, Vice President, Acquisitions and Development, (203) 849-8844

Chris Daly, media, (703) 435-6293

Colliers International Directs Retail Sales Totaling $4.23 Million in Southern California

  

IRVINE, CA.– Colliers International, the second largest real estate services organization globally, has directed the sales of three retail properties in Southern California for a combined $4.23 million.

Jereme Snyder (top right photo), senior vice president, based in Colliers International’s Irvine office, represented the sellers in the following transactions:

Commonwealth Sevenlen, LLC, a private investor, acquired a 26,455-square-foot, free-standing retail building at 151 E. Valley Blvd. in Colton, Calif., for $1.99 million.

Featuring visibility from the 10 freeway, the single-tenant investment property is occupied by Stater Bros. with an absolute NNN lease.

Along with Snyder, Bob Hoyt (top left photo), senior vice president, based in Colliers International’s Irvine office, represented the seller, Vornado Realty Trust. Hai Luong of Tendwell Realty represented the buyer.

Ramsey Real Estate Group, a private investor, acquired a 10,295-square-foot strip retail pad for $1.15 million, adjacent to a Stater Bros Market at 1717 E. Vista Chino in Palm Springs, Calif.

The transaction was the result of a court-ordered, partnership dissolution. Snyder represented both the seller, L&A Associated, LLC and the buyer.

Olin, LLC, a private investor, acquired a 3,190-square-foot single tenant retail property at 6571 El Cajon Blvd. in San Diego, for $1.09 million.

The property is leased to 7-Eleven and is situated within close proximity to San Diego State University. Snyder represented the seller, Summit Realty Advisors, LLC and Pacific Commercial Investments represented the buyer.

“There continues to be an increased demand for well located and stable retail investments in Southern California evidenced by the high volume of activity we received on each of these listings,” said Snyder.

“Our team has consistently been able to exceed our clients’ expectations and achieve maximum value for their assets.” 

Snyder is the co-founder and director of Colliers NNN Group, a specialized national investment team within Colliers International with more than $1 billion dollars in completed transactions.

In 2009, the Colliers NNN Group sold over 100 net leased properties across the country, totaling more than $250 million in transaction volume.  The group’s core focus is the acquisition and disposition of net lease investments throughout the United States.

For further information please contact:

Angela Hwang, Regional Marketing Coordinator, Greater Los Angeles, Colliers International, Tel: 213 532 3258, angela.hwang@colliers.com     

Marcus & Millichap Sells 11-Unit Apartment Building in Tampa, FL

  

TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Drew Park Apartments (top left photo), an 11-unit apartment property located in Tampa, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $175,000.

Nicholas Meoli, (bottom  right photo) a multihousing investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of both the seller and the buyer, private investors based out of Florida. 

 Drew Park Apartments is located at 4420 West South Avenue. This 11-unit apartment property was built in 1945 and consists of three one and two-story buildings centrally located in northwest Tampa.

“This property was an all cash transaction and the property produced a 10.12 percent cap rate on current numbers with a 30 percent vacancy” says Meoli.

Press Contact: Bryn D. Merrey, Regional Manager